On the 15-minute timeframe, GBP/JPY appears to be completing a rising wedge structure within an extended uptrend. Price is currently rejecting from the 88.6% Fibonacci retracement zone, aligning with upper trendline resistance.
After several failed attempts to break higher, the structure suggests exhaustion. I’m anticipating one more liquidity grab above recent highs before a potential bearish reversal. The projected move follows Fibonacci extensions, with targets near the -100% and -200% levels (~202.30 and ~201.90 respectively).
Entry idea:
Wait for confirmation of a lower high or break of trendline support around the 203.40–203.20 area.
Possible re-entry after retest of broken structure.
Targets:
TP1: 202.80
TP2: 202.30
TP3: 201.90
Invalidation:
A clean break and close above 203.95 (previous swing high / wedge top).
This setup is based on structure, liquidity sweep potential, and confluence of Fibonacci zones. If momentum confirms, a strong short-term bearish leg could develop.
TradewithCed
After several failed attempts to break higher, the structure suggests exhaustion. I’m anticipating one more liquidity grab above recent highs before a potential bearish reversal. The projected move follows Fibonacci extensions, with targets near the -100% and -200% levels (~202.30 and ~201.90 respectively).
Entry idea:
Wait for confirmation of a lower high or break of trendline support around the 203.40–203.20 area.
Possible re-entry after retest of broken structure.
Targets:
TP1: 202.80
TP2: 202.30
TP3: 201.90
Invalidation:
A clean break and close above 203.95 (previous swing high / wedge top).
This setup is based on structure, liquidity sweep potential, and confluence of Fibonacci zones. If momentum confirms, a strong short-term bearish leg could develop.
TradewithCed
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.